The term pitch is often used amongst start-up entrepreneurs. It describes the important and exciting point in time when a business idea has grown into a concrete plan and is then presented to an investor or a group of investors. It is vital that within a few minutes, you convince your audience of the concept, of who the market is as well as the financials.
Having only minutes to deliver your pitch, you will want to be well prepared. It goes without saying that investors expect you to know your own concept and its market back-to-front.
But what makes a good pitch ?
Generally, your presentation should answer the following four questions:
1) The problem statement: What is currently missing in the marketplace?
2) The solution: Why is your product or service the solution?
3) The market: Who is willing to pay money for it?
4) The competition: Why will people want or need to buy the solution from you (and not from others)?
While most presenters are well prepared to present the problem, their solution and the market, many presenters are so excited about their idea that they tend to forget the equally important last point, the competition.
Think of your concept as your intangible asset. Sharing it with others means that you expose yourself to the danger of being copied. This can be even more hurtful when you have already started distributing your product or service. Copycats will benefit from your research, your marketing efforts and the fact that you have already proven that people are willing to spend their money for it.
This is why investors will always ask you, “Have you protected your concept?”.
If the answer is “no”, it means you haven’t done your homework.
Here’s what you should be saying instead:
“I have developed this name for my business and it is already trademarked!”
“I have designed this new product. It is unlike any other product out there and guess what, I am holding design rights in all major markets!”
“I have invented this new solution to solve this technical problem and a corresponding patent has just been granted!”
Show investors that you are on top of things and protected against copycats. They will take you and your concept more seriously and more importantly, they will be more likely to invest in your business.
If you would like to better understand the different IP rights available to protect your business concept, contact us today for a free and confidential consultation.